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Articles tagged with: declining profits

Cable & Wireless CEO Resigns After 3rd Profit Warning

The Cable & Wireless Worldwide Chief executive Jim Marsh has just resigned after the telecommunications and networking company received its third profit warning in less than year. It’s never a good thing when the CEO gets sketched out and hits the ‘eject’ button, so you know change must happen if the company is to succeed.

He will be replaced by a former CEO, John Pluthero, which I also find a strange move on behalf of the company. Pluthero, who will receive a $1 million salary when the company has been struggling for the past year, claims that the salary will help him ensure that the company stays on the right track with growth.